China Galaxy Securities Co., Ltd. (601881.SH, 06881.HK) announced both revenue and net profit growth for the last fiscal year, alongside changes to its senior management team.
According to the company's annual report released on March 31, China Galaxy Securities achieved an operating revenue of 283.02 billion yuan in 2025, representing a year-on-year increase of 24.34%. The net profit attributable to shareholders of the parent company reached 125.2 billion yuan, up 24.81% compared to the previous year. Additionally, the company's net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 125.22 billion yuan, a growth of 25.28%.
During the reporting period, the company's basic earnings per share rose to 1.03 yuan per share, an increase of 27.16%. The weighted average return on equity was 9.84%, up by 1.54 percentage points.
Alongside improved profitability, the company's asset scale continued to expand steadily. By the end of the reporting period, China Galaxy Securities' total assets had reached 855.745 billion yuan, an increase of 16.04% from the 737.471 billion yuan recorded at the end of 2024. The equity attributable to shareholders of the parent company stood at 147.78 billion yuan, a year-on-year increase of 5.2%.
Regarding dividends, the company proposed a cash dividend distribution of 2.46 billion yuan (before tax) for 2025, equating to 2.25 yuan per 10 shares (before tax). Combined with the interim cash dividend of 1.367 billion yuan already distributed in 2025, the total cash dividend for the full year is expected to reach 3.827 billion yuan (before tax).
On a quarterly basis, the third quarter of 2025 saw the highest operating revenue at 90.04 billion yuan. Revenues for the first, second, and fourth quarters were 63.59 billion yuan, 73.88 billion yuan, and 55.52 billion yuan, respectively.
Similarly, the net profit attributable to shareholders of the parent company peaked in the third quarter at 44.8 billion yuan. Profits for the first, second, and fourth quarters were 30.16 billion yuan, 34.72 billion yuan, and 15.51 billion yuan, respectively.
Across its main business segments, the annual report indicated that the company's wealth management, investment banking, institutional services, international business, investment and trading, and integrated parent-subsidiary operations all achieved year-on-year growth.
Specifically, the wealth management business, which constitutes the largest revenue share, generated operating revenue of 134.72 billion yuan, a 28.36% increase, accounting for 47.6% of the company's total operating revenue. In terms of growth rate, the institutional services segment recorded the highest increase, with revenue reaching 17.14 billion yuan, a substantial surge of 508.2%.
Concurrently, revenue from the investment and trading business was 70.26 billion yuan, up 10.76%. Revenue from integrated parent-subsidiary operations was 27.67 billion yuan, an increase of 11.16%. The international business generated revenue of 25.69 billion yuan, growing by 18.23%, while the investment banking business reported revenue of 5.85 billion yuan, a rise of 22.18%.
However, amidst a complex capital market environment, costs for some businesses faced pressure. The company's credit impairment losses increased by 76.53% compared to 2024, reaching 778 million yuan. The company attributed this primarily to an increase in expected credit risk for credit-related assets and prudent provisions made after careful assessment.
Notably, on the same day as the earnings release, the company's senior management team underwent significant adjustments.
According to a company announcement, a meeting of the Fifth Board of Directors held on March 30 reviewed and passed relevant proposals. Liang Shipeng stepped down from his positions as a member of the Executive Committee, Chief Compliance Officer, and Chief Risk Officer, among other related roles, due to "work arrangement adjustments." The company stated that his departure "will not affect the company's normal production and operations" and that appropriate work arrangements have been made.
Simultaneously, the board approved the appointment of Guo Chen as Vice President, member of the Executive Committee, and Chief Risk Officer, as well as the appointment of Sun Jing as Vice President and member of the Executive Committee.
Public information shows that Guo Chen, female, born in February 1975 (age 51), holds a master's degree in Economics. She began her career in August 1998. From July 2005 to September 2007, she held positions including staff member and Senior Associate Manager in the Industrial and Commercial Bank of China Equity Management Department at Central Huijin Investment Ltd. From September 2007 to July 2014, she served in various roles including staff member, First-level Manager, and Senior Associate Manager in the Risk Management Department of China Investment Corporation (CIC). From July 2014 to November 2025, she held several positions at CIC, including Team Leader for Market Risk Assessment in the Risk Management Department (Senior Associate Manager), Team Leader for Market Risk Assessment (Senior Manager), Team Leader for Total Portfolio Risk, and Team Leader for Total Portfolio Risk/Modeling. From April 2024 to December 2025, she served as Deputy Director of the Risk Management Department at CIC. Guo Chen joined China Galaxy Securities in December 2025.
The newly appointed Vice President, Sun Jing, brings a strong background from China International Capital Corporation Limited (CICC). Public information indicates that Sun Jing, female, born in June 1980 (age 45), holds a master's degree in Management. She started her career in August 2004. From August 2004 to January 2023, she held various positions at CICC, including staff in the Capital Market Department and Corporate Management Department, Head of the Operations Support Department, and served as Deputy General Manager and General Manager of CICC Fund Management Co., Ltd. From January 2023 to September 2024, she was the Executive Head of the Asset Management Department at China International Capital Corporation Limited. From September 2024 to March 2026, she served as Head of the Asset Management Department at CICC. Sun Jing joined China Galaxy Securities in March 2026.
According to DZH VIP data, as of the market close on March 30, China Galaxy Securities' A-share price was 13.39 yuan per share, down 0.74%. Its H-share price was 8.78 Hong Kong dollars per share, down 1.01%.
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